1099-K Form & Small Business Tax Reporting

Posted by MMarquit under Taxes
From http://moneysmartlife.com 5105 days ago
Made Hot by: Small Business Manifesto on November 17, 2010 3:08 pm

Small businesses that that accept credit card payments and third party payments will be getting a new tax form next year, the 1099–K. Don't worry, though; you don't have to fill it out.

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Comments

Written by ShawnHessinger
5104 days ago

Thanks Miranda,

It may not be the sexiest topic in small business but still very important, especially for those of us doing business online. As you said, it may change very little in terms of your reporting assuming you've been including the covered income on your taxes all along. But it is one more form and another detail to attend to when preparing returns and something you and/or your tax preparer must keep track of. Great and to the point.

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Written by ivanwalsh
5103 days ago

I'd second that. The best move I made with my business was getting a good Accountant to handle my tax returns. It saved time and helped claw back overpaid returns.

Ivan

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